In a report released today, Swayampakula Ramakanth from H.C. Wainwright reiterated a Buy rating on Codexis (NASDAQ: CDXS), with a price target of $16. The company’s shares closed on Friday at $15, close to its 52-week high of $16.80.
Ramakanth said:
“We maintain our Buy rating of CDXS and, after adjusting for the reported financials and cost forecast, raise our 12- month price target to $16.00 per share, up from $15.50. We derive our price target based on the average of three valuation methods: 1) price-sales multiple analysis applying a 3x multiple to our 2025 risk-adjusted revenue estimate discounted at 12%; 2) price-earnings multiple analysis applying a 23x multiple to our 2025 estimated earnings discounted at 12%; and 3) discounted free cash flow analysis assuming a 12% discount rate and a 2% terminal growth rate.”
According to TipRanks.com, Ramakanth is a 4-star analyst with an average return of 7.3% and a 40.3% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as Diffusion Pharmaceuticals Inc, IntelGenx Technologies, and Leap Therapeutics Inc.
Currently, the analyst consensus on Codexis is a Strong Buy with an average price target of $16.67.
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Based on Codexis’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $3.74 million. In comparison, last year the company had a GAAP net loss of $6.28 million.
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Codexis, Inc. engages in the discovery, development, and sale of proteins. It offers enzyme optimization services and developing biocatalyst products. Its technologies accelerate the development of manufacturing processes for active pharmaceutical ingredients fine chemicals, agrochemicals, food ingredients, detergents and biofuels.
